Living without health insurance can be risky if you develop a serious illness or undergo trauma, such as breaking your leg or getting a concussion. It is a good idea to have health insurance, and if you need help understanding what to look for when searching for a policy, the tips below will help you find the right one.
When you are considering an insurance plan that is offered by your employer, think about the health of yourself and your family. This is a balancing act, becasue you may choose to buy less insurance coverage because of the lower premiums and the fact that you have no current or expected health issues. Although the premiums are lower, you may be at risk if problems arise.
To keep your medical coverage affordable, inquire as to whether or not your employer has a wellness program you can participate in. A lot of employers encourage their employees to adopt healthy habits and get health insurance. Signing up for physical fitness programs can help you save money on your insurance premiums and even lower your company’s payments for insurance.
When it is time for you to update your policy, check your current plan to verify that you still need all the services you are paying for, and that you have enough coverage. Life changes quickly and today’s coverage may not meet your needs due to adding someone to your family. You should also review your employee vision and dental plans during this enrollment period, if you have them.
Before you sign up for another year of coverage, ensure your prescriptions are still on the reimbursement list. Insurance companies will revise their rules regarding prescriptions on a yearly basis, so take the time to read the new rules before you re-enroll. If you take a medication daily that is not covered anymore by your insurer, you may need to find a new insurance company — fast.
Track your health insurance premiums to cut down your tax liability. The premiums that you pay for your health insurance are actually tax deductible! You can also include all money paid for prescriptions, your deductible, doctor visits, co-pays and any other non-covered medical expense. Get the advice of your tax accountant if you are unsure about which expenses are deductible.
Find the health insurance for your needs. You can pick between POS, PPO or HMO. They all have different options that you should look into and consider before buying from any company. Importantly, double-check that your current doctor is available for use in any plan you are considering.
Since it’s cheaper to do a group plan, your employer rate will be cheaper than a personal insurance plan. If you’re unemployed or self-employed, consider joining a trade union to take advantage of group health insurance rates.
Catastrophic coverage is a viable option for those who cannot afford the premium payments for a more comprehensive health insurance policy, but who want some coverage in the event that there is a sudden major illness or accident. Catastrophic coverage is also a helpful addition to any existing health insurance because it will cover extreme circumstances that other policies might not.
Health insurance is essential, because you don’t know when something bad is going to happen. Unexpected illness can develop at any time, or you could be the unfortunate victim in an automobile accident. Follow the tips you have just read to shop for a good policy to make a good investment.